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Law Business Manifesto

The $350 Investment That Turned Into a Million Dollar Law Practice

money-1604921_1280The first time I ever invested in my career as a lawyer (post-law school) was when I was an associate at a big law firm.

I had never considered the possibility that after investing so much in going to law school, I have to invest more in learning how to practice law the way I wanted.

I went to law school thinking I was going to get paid, not that I’d be paying more!

I was super resistant to the idea of having to invest more, especially with $100,000 of law school loans owing.

More of that story and how I got beyond my fear, made that first investment and ended up building many million dollar businesses as a result (plus why I still happily owe $21,000 in law school debt) in a minute.

First, though a comment about where most lawyers are getting stuck around this.

Most lawyers, like I was, are terrified to invest in their law practices.

Then, when they do make an investment, they make bad investments that simply reinforce their ideas that they shouldn’t do it again. I understand that too, as it also happened to me.

What’s different about me and most lawyers is that I see each failure as a learning experience, and I let those mistakes fuel me to learn and create something from the rubble.

You know this is true if you’ve used my Client Engagement System to engage just about every prospect you talk with, which grew out of a $5500 failure + a number of prospect meeting cancellations until I’d just had enough and had to create a system for engaging clients that worked.

Sadly, I see many lawyers who are stuck in their fear and, as a result, sabotaging their lives and law practices by not investing their time, energy, attention and money well and instead of learning what they need to, staying stuck.

So, back to that first $350 investment that changed everything, literally everything, for me.

I was an associate at a big law firm, and miserable. I had found a coach who I believed could help me gain clarity about my next steps and how to love being a lawyer. But, it was a $350/mo investment and I had never (other than law school) invested in myself.

I was terrified to make this investment. How could I possibly do it when I didn’t seem to have any disposable income, even though I had a well-paying job?

I was sure I had no money available.  Fortunately, this coach was persistent and helped me to see that the way I was thinking about money was keeping me stuck in a job I hated, and would lead me to a life of consistent misery, unless I shifted my mindset.

With her support and guidance, I ended up launching my own law firm (something I thought I make-connection-with-customerswould never do!), and went on to invest significantly more than $350/mo in building myself a million dollar law practice where I could go into the office just 3-4 days a week.

The investments I made in my law practice were mostly made based on intuition and many of those investments were completely off-base.

It cost me, mightily.

Some of the investments I made were exactly spot on and ultimately led me to where I thought I wanted to go — a million dollar law practice. (Notice I said “thought” — because it turns out that was not the right fit for me, but more on that later.)

If I could go back and do it all again, I would have learned what I am sharing with you here in this behind-the-scenes recording with my copywriter before I made the investments I did.

But there was no one to teach it to me without me making the errors I did. And I do believe that one of the reasons I had to learn it was to teach it to you.

You get to learn not just from my successes, but from my failures too … so you don’t have to reinvent the wheel and make all the same mistakes I did.

One of the biggest mistakes I made along the way to building my million dollar law practice is that I didn’t know how to read the numbers of my business.

I had gone to law school, at least partially, because I didn’t like math, and didn’t think I was good at it.

And while I did really well in my tax classes in law school, I didn’t consider myself a numbers person.

Looking at the numbers of my business was terrifying. I avoided it at every turn. Mostly because I felt so inept.

In fact, part of why I built myself a million dollar law practice is because I wasn’t good at looking at the numbers of my business clearly, and so I just focused on making as much money as possible.

Sadly, looking back now, I realize I would have had a lot more time with my family, and may have even decided to keep my awesome law practice going, instead of selling it when I did, if I had built a law practice that was truly right-sized for me.

Anyway, that’s all besides the point now.

I do believe that I was gifted these lessons so I could do what I’m really here to do, which is to give you everything I created in my own law practice so you do not need to reinvent the wheel, as I did, as you step into a New Law Business Model serving families and small business owners in a whole new way.

And so with that, I’m sharing with you a behind-the-scenes look at a tool I created to help our member lawyers make clear investing choices (not just of their money, but of their time, energy and attention too) by truly understanding the economics of their law practices and their lives.

By using this tool (we call it the Cash Flow Planner) our member lawyers know exactly what to invest in, how much to invest, and where to focus their time, energy and attention to have exactly the life and law practice they want.

When used correctly (as I explain in the video), the Cash Flow Planner lets you forecast revenues and profits through the next 12 months and know exactly what to do to get to where you want to go.

And, as you’ll see, you are already deciding how much to invest in your practice.

Very likely you are making these decisions blindly, and staying stuck in a life and law practice you hate (or will come to hate), as a result.

Everything changes when you have clarity about what you want and how to get there. Take a watch and see how the Cash Flow Planner may open your eyes to make the best decisions for you and what you want out of your life and your practice.

Want to learn more? 

m5a

About the Contributor

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